Translated using Mistral 3 14b locally

ASML may appear invincible, but its success is fragile, warns CEO Christophe Fouquet

Christophe Fouquet, ASML CEO Source: Jiri Büller / de Volkskrant

No matter how turbulent the world becomes, one thing seems certain: Veldhoven-based chipmaker ASML continues to grow richer by the day. Yet competition looms, says CEO Christophe Fouquet, as "the entire world now understands just how vital this technology is."

The article was written by Niels Waarlo, economics editor at de Volkskrant and a close observer of ASML.

Published 8 May 2026, 16:24

When Christophe Fouquet needs to escape the hyper-technical world of ASML—its room-sized laser machines, high-energy UV light, and minuscule transistors—he turns to opera. The last time he attended (Tristan und Isolde by Wagner in February), he bought four tickets: two for himself and his wife, two for friends he invited to experience opera.

Many dismiss opera as dull or intimidating—a misconception Fouquet is eager to correct. At 53, the ASML CEO is an art enthusiast who sees opera as "art brought to life." "Every performance recreates a masterpiece. Hundreds of people—singers, musicians, costume designers—collaborate for months or years to bring it to fruition. Everyone pours their energy, emotion, and patience into making it perfect. And that’s exactly what we do at ASML."

The parallels are striking: both opera and the Veldhoven chipmaker demand relentless teamwork among skilled professionals. "If a critical supplier fails us, everything collapses," he says. "Our High NA EUV machine is also a masterpiece—just in an entirely different way."

Some might dismiss this as hollow corporate rhetoric, but Fouquet’s comparison isn’t entirely unfounded.

ASML is undeniably the undisputed leader in lithography—the process of etching circuits with light, a critical step in chip production. The bus-sized machine Fouquet refers to performs an impressive dance with physics: inside it, lasers fire tens of thousands of tin droplets per second, and ultraviolet light is guided by the smoothest mirrors on Earth.

No other company can replicate this capability. Global chipmakers rely on ASML machines for advanced chips in smartphones, AI chatbots, medical devices, weapons, cars—and countless other applications. It’s an unparalleled monopoly. From Washington to Beijing, Taipei to Seoul, governments know exactly where Veldhoven is.

Fouquet has led the company for two years now. The towering French engineer joined ASML in 2008 and lives with his family in nearby Waalre. From his office, he overlooks a campus of pristine cleanrooms where complex machines are assembled—cranes forever looming over sandy construction sites due to relentless expansion.

Sitting back at his long conference table, relaxed yet ever-smiling, one might assume: Who could threaten him? Billions flow in. Growth seems inevitable as the world’s hunger for chips intensifies—fuelled further by artificial intelligence.

"You’d think so," Fouquet concedes in English with a French accent. "And that’s our biggest risk."

ASML may seem technologically impregnable, but "believe me, nothing is guaranteed." Chipmakers are locked in an endless race to cram ever-smaller components onto tinier surfaces—making chips faster and more efficient. Fall behind, and you’re out. "On a ten- or fifteen-year timeline, our success is extremely fragile. We must keep innovating."

The stakes are enormous—for Eindhoven’s economy (still haunted by Philips’ decline), for shareholders who’ve turned ASML into a cash cow, and for geopolitics.

Competitors are emerging. China, blocked from advanced chip machines due to Western export restrictions, is pouring resources into reverse-engineering them—spying included. In the US, startups like xLight and Substrate are developing alternatives, backed by government funding. Canon, Japan’s once-dominant rival now lagging behind, eyes a comeback.

Can these rivals dethrone ASML long-term? "They prove how critical this tech has become globally," Fouquet says. *"Countries feel insecure without access—especially for AI or any chip-based application. *"This pressure forces us to innovate faster. Last year’s €4.7 billion R&D spend wasn’t wasted—I’m not worried about what others are building now. "But we must also ensure everyone trusts ASML’s dominance. We can’t exploit our position by hiking prices or stifling innovation, or customers will seek alternatives. That’s why we invest so heavily in earning client and government trust—like last year’s visit to India, which wants a bigger role in chips."

Short-term threats come from the US government, determined to hobble China’s chip industry. Washington forced the Dutch government to ban ASML’s most advanced EUV machines from China—and expanded restrictions further under American pressure.

To block new export bans, ASML lobbies aggressively. "I was grateful Prime Minister Rob Jetten made time for us shortly after taking office," Fouquet says. Jetten cited export limits as a key reason for his April visit to Donald Trump.

The heat isn’t easing. Both Democratic and Republican lawmakers are pushing bills to ban more chip machines—including ASML’s—unless the Netherlands complies. Washington holds leverage: nearly all Western chip firms rely on US components and software. Whether Jetten’s diplomacy succeeds remains unclear.

Why oppose further China export restrictions? "I understand the West wanting to preserve its tech edge," Fouquet says. *"EUV machines are essential for advanced chips—a clear way to stay ahead of China. But restricting older tech—developed over a decade ago—is less effective. "Our fear is that this will accelerate China’s push to build competitors who could later sell their tech in markets where we’re dominant."

When Trump mused about seizing Greenland, calls emerged for the Netherlands to halt ASML exports to the US. Fouquet’s response? *"Those were opportunistic. Many forget 20% of our EUV machine parts are made in the US—it’s far more complex. "In this world, relying solely on others is risky. Our chip industry is tiny; only 1-3% of machines go to European clients. A shame—Europe’s strategic dependence grows."

Fouquet aligns with calls for Europe to cultivate more irreplaceable tech firms. "We need more than one song in our repertoire."

Yet ASML’s geopolitical weight makes it a pawn in US interests. Is being indispensable desirable? "You can’t have one without the other," he admits. "Our importance means everyone listens—but it also has downsides."

The Dutch government is investing €1.7 billion (Project Beethoven) to support housing, roads, and education near Eindhoven Airport—a future campus for up to 20,000 workers.

"I see real ambition in Europe," Fouquet says. "But we’re not doing enough. We excel at research and education but fail to attract and support businesses. Current regulations and slow permits strangle growth."

On layoffs (1,700 jobs cut): "Honestly, the savings aren’t worth the pain of change."

ASML’s recent restructuring—3,000 roles eliminated, 1,700 deemed redundant—has sparked unrest. Protesters gathered outside the campus during lunch breaks, wearing stickers reading "I’m not striking yet," cheering as union leaders highlighted billions flowing to shareholders.

"The bureaucracy is stifling," employees told de Volkskrant, "but this feels like a sledgehammer."

Unions negotiate a social plan; progress is tentative. The FNV union detects "cautious movement" from ASML but still questions why a profitable, growing company—backed by government aid—must create uncertainty.

"You can’t keep people unless you give them work," Fouquet counters. *"We’re hiring faster than expected, so we’ll reduce the 1,700 figure by hundreds. But we won’t invent jobs—we’ll offer real opportunities elsewhere in Brainport. "This flexibility is essential for a strong company and ecosystem."

Fouquet’s vision extends beyond High NA EUV to Hyper NA EUV—a more complex machine to outpace rivals further. And even that isn’t the end.

"The innovation needed is monumental."